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To further promote cryptocurrency as a mainstream payment method, Rapidz announced its global strategic cooperation with the NEM.io Foundation on the eve of FinTech Taipei Expo 2018. A Memorandum of Understanding (MOU), signed between Rapidz and the NEM Foundation on 3 December 2018, will integrate the ecosystem of both parties to further implement FinTech and blockchain technology for mainstream consumers and businesses.

Commenting on the partnership with the NEM.io Foundation, Rapidz’s Director (Taiwan), Ms Brenda Wen commented, “As a globally reputable blockchain platform with a large following worldwide, the NEM.io Foundation can provide technical support for Rapidz in addition to expanding our large user base. Our complementary strengths will allow us to jointly expand our market share.”

A well-known blockchain platform internationally, the NEM.io Foundation possesses industry-leading blockchain technology, including features such as multi-signature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It offers a one-stop mobile application development service that introduces blockchain technology to existing enterprise infrastructure. This allows companies with legacy systems can “plug ‘n play” with the NEM blockchain platform.

Established in November 2017 with its headquarters in Switzerland, Rapidz launched RapidzPay on August 2018 across the Android and iOS ecosystem, a mobile application offering cryptocurrency wallet. In the same year, Rapidz issued Rapidz Mastercard in June and the RapidzPOS (Point-of Sale) in August. With operating bases in Switzerland, Taiwan, and Thailand, Rapidz is committed to provide a cryptocurrency payment solution that eliminates the middleman.

Rapidz envisions a simple, efficient, and convenient payment process for businesses and consumers in a secure ecosystem. To achieve this, Rapidz offers a Distributed Ledger Technology (DLT) to create a secure, transparent and cost-effective alternative to conventional systems such as Payment, Clearing and Settlement (PCS).

Rapidz’s Director (Taiwan), Ms Brenda Wen, identified two major challenges facing the blockchain market. Speaking at the signing of the MOU, Ms Wen observed that “The state of front-end blockchain technology is still not simple and intuitive for the average consumer to join the blockchain community. Furthermore, the complicated nature of blockchain-associated products such as Decentralised Application Software Development Kit (DAPP SDK) has stunted the growth of the blockchain ecosystem.”

RapidzPay overcomes the first challenge by utilizing the Global Address Book (GAB), which eliminates address ambiguity by giving users a single username that links all their digital wallets. Usernames are stored on the blockchain making it quick and easy to find addresses and use them right away. Users neither need to worry about identify theft nor the transfer of funds to the wrong address.

Rapidz is also uniquely positioned to grow the blockchain ecosystem. Its enhanced DAPP SDK enables “non-blockchain developers” to create DAPPs using JavaScript. This allows mainstream developers to extend blockchain functionalities for mobile and web applications without the need to run their own server. Developers can channel their efforts in enhancing the user experience without worrying about backend software development.

Rapidz and the NEM.io Foundation will leverage on the combined competitive advantage in blockchain technology and implementation. In the initial stage, Rapidz will integrate NEM and its native token (XEM) into the Rapidz payment system, as well as network and jointly promote programmes related to fintech and blockchain technologies. NEM will further provide the necessary technical support for developmental projects on NEM blockchain. Ms Wen said, “We are confident that our collaboration will jointly overcome key challenges facing the market. We foresee that our joint efforts to push for mainstream acceptance of blockchain technology and cryptocurrency payments will bear fruit over the next few years.”

About Rapidz

Rapidz was established in 2017 with the goal of achieving efficient, transparent and low-cost cross border payment solutions to a worldwide audience. By utilising the highly scalable blockchain technology and its decentralised model, it aims to cater to all e-commerce platforms globally and grow its user base by incentivising usage and coin holders.

About NEM (XEM)

NEM is built from scratch as a powerful and streamlined platform for application developers of all kinds, suitable for an amazing variety of solution classes, such as direct public transactions via streamlined smartphone app, efficient cloud services that connect client or web applications etc.

Using NEM’s “Smart Assets” allows you to customize your own version of a blockchain, providing a fast, secure and scalable solution with direct API access to manage them safely.